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China Online Education Group Announces Second Quarter 2021 Results

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Second quarter active students increased by 35.7% year-over-year

Second quarter revenue increased by 17.5% year-over-year

BEIJING, Sept. 28, 2021 — China Online Education Group ("51Talk" or the "Company") (NYSE: COE), a leading online education platform in China, with core expertise in English education, announced its unaudited financial results for the second quarter ended June 30, 2021.

Second Quarter 2021 Financial and Operating Metrics

  • Net revenues were RMB579.8 million (US$89.8 million), a 17.5% increase from RMB493.5 million for the second quarter of 2020.
  • Gross margin was 72.7%, compared with 70.9% for the second quarter of 2020.
  • Net loss was RMB27.0 million (US$4.2 million), compared with net income of RMB32.8 million for the second quarter of 2020.
  • Non-GAAP net loss[1] was RMB17.8 million (US$2.8 million), compared with non-GAAP net income of RMB39.6 million for the second quarter of 2020.
  • Operating cash outflow was RMB69.7 million (US$10.8 million), compared with RMB172.1 million of operating cash inflow for the second quarter of 2020.
  • Cash, cash equivalents, time deposits and short-term investments balance stood at RMB1,642.8 million (US$254.4 million) as of June 30, 2021.
  • Gross billings[2] were RMB549.9 million (US$85.2 million), an 18.7% decrease from RMB676.4 million for the second quarter of 2020.

Key Financial and Operating Data

For the three months ended

Jun. 30,

Jun. 30,

Y-o-Y

2020

2021

Change

Net Revenues (in RMB millions)

493.5

579.8

17.5%

K-12 one-on-one mass market offering

417.9

534.6

27.9%

K-12 small class offering

28.5

16.8

(41.1%)

Others

47.1

28.4

(39.7%)

Gross billings (in RMB millions)

676.4

549.9

(18.7%)

K-12 one-on-one mass market offering

612.5

516.0

(15.8%)

        K-12 small class offering

42.4

17.4

(59.0%)

Others

21.5

16.5

(23.3%)

Active students[3] (in thousands)

298.2

404.7

35.7%

 

[1] For more information on non-GAAP financial measures, please see the section of "Use of Non-GAAP Financial Measures" and the table captioned "Reconciliation of Non-GAAP Measures to the Most Comparable GAAP Measures" set forth in this press release.

[2] Gross billings for a specific period, which is one of the Company’s key operating data, is defined as the total amount of cash received for the sale of course packages and services in such period, net of the total amount of refunds in such period.

[3] An "active student" for a specified period refers to a student who booked at least one paid lesson, excluding those students who only attended paid live broadcasting lessons or trial lessons.

"Our second quarter net revenue reached RMB579.8 million, primarily driven by a 35.7% year-over-year increase in the number of active students," said Mr. Jack Jiajia Huang, Founder, Chairman and Chief Executive Officer of 51Talk.

"On July 24, 2021, relevant Chinese authorities issued the Opinions on Further Alleviating the Burden of Homework and After-School Tutoring for Students in Compulsory Education ("the Opinion"), which contains high-level policy directives about requirements and restrictions related to online and offline after-school tutoring services. Aligned with the Opinion’s directives and requirements, 51Talk launched brand new All-round Proficiency Courses in small class format for children and teenagers led by Chinese teachers. Meanwhile, we plan to develop our overseas business by offering one-on-one classes for international K-12 and adult student users taught by foreign teachers.

"Where there are new challenges, there will also be new opportunities. In keeping with the revised framework and regulations for our industry, we will continue to innovate our course offerings and explore growth opportunities." Concluded Mr. Huang.

"We recorded a 17.5% increase of net revenue and a 20.5% increase of gross profit on a year-over-year basis," said Mr. Min Xu, Chief Financial Officer of 51Talk. "Net loss for the second quarter was RMB27.0 million, attributable mainly to higher operating expenses incurred as we spent efforts in brand building and upgrading courses offerings and services. Under the new regulations, the Company has taken actions to adapt to the latest operating environment and will take further measures to improve operating efficiency. Looking ahead, we will continue to create value for our students and teachers while conforming to all laws and regulations."

Second Quarter 2021 Financial Results

Net Revenues

Net revenues for the second quarter of 2021 were RMB579.8 million (US$89.8 million), a 17.5% increase from RMB493.5 million for the same quarter last year. The increase was primarily attributed to an increase in the number of active students, partially offset by a decrease in average revenue per active student. The number of active students in the second quarter of 2021 was 404,700, a 35.7% increase from 298,200 for the same quarter last year.

Cost of Revenues

Cost of revenues for the second quarter of 2021 was RMB158.1 million (US$24.5 million), a 10.2% increase from RMB143.6 million for the same quarter last year. The increase was primarily driven by an increase in total service fees paid to teachers, mainly due to an increased number of paid lessons.

Gross Profit and Gross Margin

Gross profit for the second quarter of 2021 was RMB421.6 million (US$65.3 million), a 20.5% increase from RMB349.9 million for the same quarter last year.

Gross margin for the second quarter of 2021 was 72.7%, compared with 70.9% for the same quarter last year. The increase was mainly attributable to the decrease of the cost per lesson, partially offset by the decrease of the revenue per lesson.

Operating Expenses

Total operating expenses for the second quarter of 2021 were RMB461.0 million (US$71.4 million), a 38.7% increase from RMB332.4 million for the same quarter last year. The increase was mainly due to an increase in sales and marketing expenses.

Sales and marketing expenses for the second quarter of 2021 were RMB315.8 million (US$48.9 million), a 31.7% increase from RMB239.9 million for the same quarter last year. The increase was mainly due to higher sales personnel costs related to increases in both the number of personnel and average salary and higher marketing and branding expenses. Excluding share-based compensation expenses, non-GAAP sales and marketing expenses for the second quarter of 2021 were RMB313.4 million (US$48.5 million), a 32.0% increase from RMB237.4 million for the same quarter last year.

Product development expenses for the second quarter of 2021 were RMB65.0 million (US$10.1 million), a 68.4% increase from RMB38.6 million for the same quarter last year. The increase was primarily due to higher product development personnel costs related to increases in the number of personnel. Excluding share-based compensation expenses, non-GAAP product development expenses for the second quarter of 2021 were RMB63.4 million (US$9.8 million), a 71.5% increase from RMB37.0 million for the same quarter last year.

General and administrative expenses for the second quarter of 2021 were RMB80.2 million (US$12.4 million), a 48.7% increase from RMB53.9 million for the same quarter last year. The increase was primarily due to higher general and administrative personnel costs related to increases in both the number of personnel and average salary. Excluding share-based compensation expenses, non-GAAP general and administrative expenses for the second quarter of 2021 were RMB75.0 million (US$11.6 million), a 46.6% increase from RMB51.1 million for the same quarter last year.

Other income

The exemption for the value added tax (VAT) of consumer services has been stopped as of March 31, 2021. This exemption, which covers a wide range of consumer services, was part of the Chinese government’s effort to ease the burden of businesses affected by the COVID-19 pandemic. The income obtained by taxpayers from providing essential services shall be exempted from VAT. The favorable impact of such COVID-19 relief policies was nil and RMB7.0 million in the second quarter of 2021 and 2020 respectively.

On September 30, 2019, the Ministry of Finance and the State Taxation Administration announced that from October 1, 2019 to December 31, 2021, taxpayers engaging in the provision of essential services are allowed to deduct an extra 15% of the deductible input value-added tax for the current period from the payable value-added tax. The impact of the policy of additional value-added tax credit for the income generated by the essential services provided by enterprises was RMB5.6 million and RMB2.6 million in the second quarter of 2021 and 2020 respectively.

(Loss)/income from Operations

Operating loss for the second quarter of 2021 was RMB33.8 million (US$5.2 million), compared with operating income of RMB27.1 million for the same quarter last year. Operating margin for the second quarter was negative 5.8%, compared with operating margin of 5.5% for the same quarter last year.

Non-GAAP operating loss for the second quarter of 2021 was RMB24.5 million (US$3.8 million), compared with non-GAAP operating income of RMB34.0 million for the same quarter last year. Non-GAAP operating margin for the second quarter was negative 4.2%, compared with non-GAAP operating margin of 6.9% for the same quarter last year.

Net (loss)/income

Net loss for the second quarter of 2021 was RMB27.0 million (US$4.2 million), compared with net income of RMB32.8 million for the same quarter last year. Net margin for the second quarter was negative 4.7%, compared with net margin of 6.6% for the same quarter last year.

Non-GAAP net loss for the second quarter of 2021 was RMB17.8 million (US$2.8 million), compared with non-GAAP net income of RMB39.6 million for the same quarter last year. Non-GAAP net margin for the second quarter was negative 3.1%, compared with non-GAAP net margin of 8.0% for the same quarter last year.

Income tax expense for the second quarter of 2021 was RMB2.9 million.

Basic net loss per share attributable to ordinary shareholders for the second quarter of 2021 was RMB0.08 (US$0.01), compared with basic net income per share of RMB0.10 for the same quarter last year. Diluted net loss per share attributable to ordinary shareholders for the second quarter of 2021 was RMB0.08 (US$0.01), compared with diluted net income per share of RMB0.10 for the same quarter last year.

Non-GAAP basic net loss per share attributable to ordinary shareholders for the second quarter of 2021 was RMB0.05 (US$0.01), compared with non-GAAP basic net income per share attributable to ordinary shareholders of RMB0.12 for the same quarter last year. Non-GAAP diluted net loss per share attributable to ordinary shareholders for the second quarter of 2021 was RMB0.05 (US$0.01), compared with non-GAAP diluted net income per share attributable to ordinary shareholders of RMB0.12 for the same quarter last year.

Basic and diluted net loss per American depositary share ("ADS") attributable to ordinary shareholders for the second quarter of 2021 was RMB1.24 (US$0.19), compared with basic net income per ADS of RMB1.55 and diluted net income per ADS of RMB1.44 for the same quarter last year. Each ADS represents 15 Class A ordinary shares.

Non-GAAP basic and diluted net loss per ADS attributable to ordinary shareholders for the second quarter of 2021 was RMB0.82 (US$0.13), compared with non-GAAP basic net income per ADS attributable to ordinary shareholders of RMB1.87 and diluted net income per ADS of RMB1.75 for the same quarter last year.

Balance Sheet

As of June 30, 2021, the Company had total cash, cash equivalents, time deposits and short-term investments of RMB1,642.8 million (US$254.4 million), compared with RMB1,727.7 million as of December 31, 2020. As a part of cash, cash equivalents, time deposits and short-term investments, the Company had non-current time deposits of RMB412.0 million (US$63.8 million), compared with RMB414.0 million as of December 31, 2020.

As of June 30, 2021, the Company has a consolidated net current liability of RMB1,440.4 million, compared with net current liability of RMB1,400.4 million as of December 31, 2020. The Company had advances from students[4] (current and non-current) of RMB2,695.0 million (US$417.4 million) as of June 30, 2021, compared with RMB2,721.0 million as of December 31, 2020.

[4] "Advances from students," which is defined as the amount of obligation to transfer good or service to students or business partners for which consideration has been received from students in advance. The deposits from students are also presented in the total amount of "advances from students".

Subsequent Events

Based on the management’s assessments, as a result of the changing regulatory environment and the business adjustment plan taken by the Company, impairment of long-lived assets and reversal of interest income recognized for time deposit are expected to be recognized in subsequent period.

Outlook

For the third quarter of 2021, the Company currently expects net revenues to be between RMB550.0 million and RMB555.0 million, which would represent an increase of approximately 2.1% to 3.1% from RMB538.5 million for the same quarter last year.

The above outlook is based on current market conditions and reflects the Company’s current and preliminary estimates of market and operating conditions and customer demand, which are all subject to change.

In addition, the Company’s future operational and financial performance depends on the future development of the implementation of the Opinion and the success of the Company’s business adjustment plans, which is subject to inherent uncertainties at this time.

Conference Call

The Company’s management will host an earnings conference call at 8:00 AM U.S. Eastern Time on September 28, 2021 (8:00 PM Beijing/Hong Kong time on September 28, 2021).

Dial-in details for the earnings conference call are as follows:

United States (toll free):

1-888-394-8218

International:

1-323-701-0225

Mainland China:

400-120-9101

Hong Kong (toll free):

800-961-105

Hong Kong:

852-3008-1527

Participants should dial-in at least 5 minutes before the scheduled start time and ask to be connected to the call for "China Online Education Group."

Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at http://ir.51talk.com.

A replay of the conference call will be accessible until September 28, 2021, by dialing the following telephone numbers:

United States (toll free):

1-888-203-1112

International:

1-719-457-0820

Replay Access Code:

6658686

About China Online Education Group

China Online Education Group (NYSE: COE) is a leading online education platform in China, with core expertise in English education. The Company’s mission is to make quality education accessible and affordable. The Company’s online and mobile education platforms enable students across China to take live interactive English lessons with overseas foreign teachers, on demand. The Company connects its students with a large pool of highly qualified foreign teachers that it assembled using a shared economy approach, and employs student and teacher feedback and data analytics to deliver a personalized learning experience to its students.

Use of Non-GAAP Financial Measures

In evaluating its business, 51Talk considers and uses the following measures defined as non-GAAP financial measures by the SEC as supplemental metrics to review and assess its operating performance: non-GAAP sales and marketing expenses, non-GAAP product development expenses, non-GAAP general and administrative expenses, non-GAAP operating expenses, non-GAAP operating income/(loss), non-GAAP net income/(loss), non-GAAP net income/(loss) attributable to ordinary shareholders, and non-GAAP net income/(loss) attributable to ordinary shareholders per share and per ADS. To present each of these non-GAAP measures, the Company excludes share-based compensation expenses. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of non-GAAP measures to the most comparable GAAP measures" set forth at the end of this press release.

51Talk believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance by excluding share-based compensation expenses that may not be indicative of its operating performance from a cash perspective. 51Talk believes that both management and investors benefit from these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to 51Talk’s historical performance. 51Talk computes its non-GAAP financial measures using the same consistent method from quarter to quarter and from period to period. 51Talk believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision-making. A limitation of using non-GAAP measures is that these non-GAAP measures exclude share-based compensation expenses that have been and will continue to be for the foreseeable future a significant recurring expense in the 51Talk’s business. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from each non-GAAP measure. The accompanying table at the end of this press release provides more details on the reconciliations between GAAP financial measures that are most directly comparable to non-GAAP financial measures.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.4566 to US$1.00, the rate in effect as of June 30, 2021as certified for customs purposes by the Federal Reserve Bank of New York.

Safe Harbor Statement

This press release contains statements that may constitute "forward-looking" statements pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will", "expects", "anticipates", "aims", "future", "intends", "plans", "believes", "estimates", "likely to" and similar statements. Among other things, 51Talk’s quotations from management in this announcement, as well as 51Talk’s strategic and operational plans, contain forward-looking statements. 51Talk may also make written or oral forward-looking statements in its periodic reports to the Securities and Exchange Commission ("SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about 51Talk’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: 51Talk’s goals and strategies; 51Talk’s expectations regarding demand for and market acceptance of its brand and platform; 51Talk’s ability to retain and increase its student enrollment; 51Talk’s ability to offer new courses; 51Talk’s ability to engage, train and retain new teachers; 51Talk’s future business development, results of operations and financial condition; 51Talk’s ability to maintain and improve infrastructure necessary to operate its education platform; competition in the online education industry in China; the expected growth of, and trends in, the markets for 51Talk’s course offerings in China; relevant government policies and regulations relating to 51Talk’s corporate structure, business and industry; general economic and business condition in China, the Philippines and elsewhere and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in 51Talk’s filings with the SEC. All information provided in this press release is as of the date of this press release, and 51Talk does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

 

CHINA ONLINE EDUCATION GROUP

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

 As of

Dec. 31,

Jun. 30

Jun. 30,

2020

2021

2021

RMB

RMB

US$

ASSETS

Current assets

Cash and cash equivalents

326,647

341,858

52,947

Time deposits

477,408

501,025

77,599

Short-term investments

509,636

387,886

60,076

Inventory

1,935

1,941

301

Prepaid expenses and other current assets

302,057

327,458

50,717

Total current assets

1,617,683

1,560,168

241,640

Non-current assets

Property and equipment, net

21,175

39,932

6,185

Intangible assets, net

20,302

34,719

5,377

Goodwill

4,223

10,209

1,581

Right-of-use assets

98,001

104,021

16,111

Time deposits

414,000

412,000

63,811

Deferred tax assets

10,268

5,300

821

Other non-current assets

23,896

29,730

4,605

Total non-current assets

591,865

635,911

98,491

Total assets

2,209,548

2,196,079

340,131

LIABILITIES

AND SHAREHOLDERS’ DEFICIT

Current liabilities

Advances from students

2,718,776

2,693,341

417,145

Accrued expenses and other current liabilities

237,101

232,034

35,937

Lease liability

42,949

52,097

8,069

Taxes payable

19,288

23,054

3,571

Total current liabilities

3,018,114

3,000,526

464,722

Non-current liabilities

Advances from students

2,270

1,690

262

Deferred tax liabilities

–

3,738

579

Lease liability

53,594

53,929

8,353

Other non-current liabilities

2,508

2,834

439

Total non-current liabilities

58,372

62,191

9,633

Total liabilities

3,076,486

3,062,717

474,355

Total shareholders’ deficit

(866,938)

(866,638)

(134,224)

Total liabilities and shareholders’ deficit

2,209,548

2,196,079

340,131

 

 

CHINA ONLINE EDUCATION GROUP

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)

(In thousands except for number of shares and per share data)

For the three months ended

For the six months ended

Jun. 30,

Mar. 31,

Jun. 30,

Jun. 30,

Jun. 30,

Jun. 30,

Jun. 30,

2020

2021

2021

2021

2020

2021

2021

RMB

RMB

RMB

US$

RMB

RMB

US$

Net revenues

493,471

600,404

579,751

89,792

980,555

1,180,155

182,783

Cost of revenues

(143,560)

(159,713)

(158,133)

(24,492)

(287,591)

(317,846)

(49,228)

Gross profit

349,911

440,691

421,618

65,300

692,964

862,309

133,555

Operating expenses

Sales and marketing expenses

(239,894)

(318,944)

(315,832)

(48,916)

(468,281)

(634,776)

(98,314)

Product development expenses

(38,616)

(57,726)

(65,029)

(10,072)

(74,483)

(122,755)

(19,012)

General and administrative
expenses

(53,902)

(69,208)

(80,172)

(12,417)

(104,591)

(149,380)

(23,136)

Total operating expenses

(332,412)

(445,878)

(461,033)

(71,405)

(647,355)

(906,911)

(140,462)

Other income

9,628

11,094

5,615

870

26,389

16,709

2,588

Income/(loss) from operations

27,127

5,907

(33,800)

(5,235)

71,998

(27,893)

(4,319)

Interest income

8,735

11,620

10,737

1,663

16,312

22,357

3,463

Interest expenses and other
expenses, net

(1,337)

(3,408)

(1,046)

(162)

(1,546)

(4,454)

(690)

Income/(loss) before income tax
expenses

34,525

14,119

(24,109)

(3,734)

86,764

(9,990)

(1,546)

Income tax expenses

(1,759)

(6,097)

(2,907)

(450)

(3,206)

(9,004)

(1,395)

Net income/(loss), all
attributable to the Company’s
ordinary shareholders

32,766

8,022

(27,016)

(4,184)

83,558

(18,994)

(2,941)

Weighted average number of
ordinary shares used in
computing basic earnings/(loss)
per share

317,793,905

322,796,828

326,390,311

326,390,311

315,495,702

324,603,496

324,603,496

Weighted average number of
ordinary shares used in
computing diluted 
earnings/(loss) per share

340,457,526

342,150,096

326,390,311

326,390,311

338,680,304

324,603,496

324,603,496

 

 

  CHINA ONLINE EDUCATION GROUP

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)

(In thousands except for number of shares and per share data)

For the three months ended

For the six months ended

Jun. 30,

Mar. 31,

Jun. 30,

Jun. 30,

Jun. 30,

Jun. 30,

Jun. 30,

2020

2021

2021

2021

2020

2021

2021

RMB

RMB

RMB

US$

RMB

RMB

US$

Net earnings/(loss) per share attributable to ordinary shareholders

Basic

0.10

0.02

(0.08)

(0.01)

0.26

(0.06)

(0.01)

diluted

0.10

0.02

(0.08)

(0.01)

0.25

(0.06)

(0.01)

Net earnings/(loss) per ADS attributable to ordinary shareholders

basic

1.55

0.37

(1.24)

(0.19)

3.97

(0.88)

(0.14)

diluted

1.44

0.35

(1.24)

(0.19)

3.70

(0.88)

(0.14)

Comprehensive income/(loss):

Net income/(loss)

32,766

8,022

(27,016)

(4,184)

83,558

(18,994)

(2,941)

Other comprehensive income/(loss)

Foreign currency translation
adjustments

917

1,802

(5,794)

(897)

5,461

(3,992)

(618)

Total comprehensive income/(loss)

33,683

9,824

(32,810)

(5,081)

89,019

(22,986)

(3,559)

Share-based compensation expenses are included in the operating expenses as follows:

Sales and marketing expenses

(2,447)

(2,487)

(2,433)

(377)

(4,749)

(4,920)

(762)

Product development expenses

(1,637)

(1,733)

(1,600)

(248)

(1,536)

(3,333)

(516)

General and administrative expenses

(2,785)

(4,516)

(5,222)

(809)

(6,785)

(9,738)

(1,508)

 

 

  CHINA ONLINE EDUCATION GROUP

Reconciliation of Non-GAAP Measures to the Most Comparable GAAP Measures

(In thousands except for number of shares and per share data)

For the three months ended

For the six months ended

Jun. 30,

Mar. 31,

Jun. 30,

Jun. 30,

Jun. 30,

Jun. 30,

Jun. 30,

2020

2021

2021

2021

2020

2021

2021

RMB

RMB

RMB

US$

RMB

RMB

US$

Sales and marketing expenses

(239,894)

(318,944)

(315,832)

(48,916)

(468,281)

(634,776)

(98,314)

Less: Share-based compensation
expenses

(2,447)

(2,487)

(2,433)

(377)

(4,749)

(4,920)

(762)

Non-GAAP sales and marketing
expenses

(237,447)

(316,457)

(313,399)

(48,539)

(463,532)

(629,856)

(97,552)

Product development expenses

(38,616)

(57,726)

(65,029)

(10,072)

(74,483)

(122,755)

(19,012)

Less: Share-based compensation
expenses

(1,637)

(1,733)

(1,600)

(248)

(1,536)

(3,333)

(516)

Non-GAAP product development
expenses

(36,979)

(55,993)

(63,429)

(9,824)

(72,947)

(119,422)

(18,496)

General and administrative expenses

(53,902)

(69,208)

(80,172)

(12,417)

(104,591)

(149,380)

(23,136)

Less: Share-based compensation
expenses

(2,785)

(4,516)

(5,222)

(809)

(6,785)

(9,738)

(1,508)

Non-GAAP general and administrative
expenses

(51,117)

(64,692)

(74,950)

(11,608)

(97,806)

(139,642)

(21,628)

Operating expenses

(332,412)

(445,878)

(461,033)

(71,405)

(647,355)

(906,911)

(140,462)

Less: Share-based compensation
expenses

(6,869)

(8,736)

(9,255)

(1,434)

(13,070)

(17,991)

(2,786)

Non-GAAP operating expenses

(325,543)

(437,142)

(451,778)

(69,971)

(634,285)

(888,920)

(137,676)

Income/(loss) from operations

27,127

5,907

(33,800)

(5,235)

71,998

(27,893)

(4,319)

Less: Share-based compensation
expenses

(6,869)

(8,736)

(9,255)

(1,434)

(13,070)

(17,991)

(2,786)

Non-GAAP income/(loss) from
operations

33,996

14,643

(24,545)

(3,801)

85,068

(9,902)

(1,533)

 

 

 

CHINA ONLINE EDUCATION GROUP

Reconciliation of Non-GAAP Measures to the Most Comparable GAAP Measures

 (In thousands except for number of shares and per share data)

For the three months ended

For the six months ended

Jun. 30,

Mar. 31,

Jun. 30,

Jun. 30,

Jun. 30,

Jun. 30,

Jun. 30,

2020

2021

2021

2021

2020

2021

2021

RMB

RMB

RMB

US$

RMB

RMB

US$

Income tax expenses

(1,759)

(6,097)

(2,907)

(450)

(3,206)

(9,004)

(1,395)

Less: Tax impact of Share-based
compensation expenses

–

–

–

–

–

–

–

Non-GAAP income tax expenses

(1,759)

(6,097)

(2,907)

(450)

(3,206)

(9,004)

(1,395)

Net income/(loss), all attributable to the
Company’s ordinary shareholders

32,766

8,022

(27,016)

(4,184)

83,558

(18,994)

(2,941)

Add back: Share-based compensation
expenses

6,869

8,736

9,255

1,434

13,070

17,991

2,786

Non-GAAP net income/(loss), all
attributable to the Company’s ordinary
shareholders

39,635

16,758

(17,761)

(2,750)

96,628

(1,003)

(155)

Weighted average number of ordinary
shares used in computing basic
earnings/(loss) per share

317,793,905

322,796,828

326,390,311

326,390,311

315,495,702

324,603,496

324,603,496

Weighted average number of ordinary
shares used in computing diluted
earnings/(loss) per share

340,457,526

342,150,096

326,390,311

326,390,311

338,680,304

324,603,496

324,603,496

Non-GAAP net earnings/(loss) per share attributable to
ordinary shareholders

basic

0.12

0.05

(0.05)

(0.01)

0.31

(0.00)

(0.00)

diluted

0.12

0.05

(0.05)

(0.01)

0.29

(0.00)

(0.00)

Non-GAAP net earnings/(loss) per ADS attributable to
ordinary shareholders

basic

1.87

0.78

(0.82)

(0.13)

4.59

(0.05)

(0.01)

diluted

1.75

0.73

(0.82)

(0.13)

4.28

(0.05)

(0.01)

 

 

Health, Lifestyle, News

Fitbit Charge 5 Officially on Sale while Premium Gets More Features

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Fitbit’s fitness band is getting a big upgrade with its latest iteration – the Charge 5. Initially announced about a month ago, the Fitbit Charge 5 is one of the biggest updates that the lineup has seen since it was first introduce. Not only is it bringing features that put it on par with the likes of the Versa 3 and Sense, it’s also the first Fitbit the company is announcing after Google’s big Wear OS announcement. That said, the Charge 5 continues to run on Fitbit’s own OS.

Fitbit Charge 5 2
Source: Fitbit

The Charge 5 continues to share the same form factor as its predecessors. It’s a slim elongated design which ergnomically wraps around the wrist. However, its now comes with a 1.04-inch colour display which has always on display functionality. It’s gained a full metal chassis as well. The new metal chassis also brings ECG tracking features which were, until now, a Sense exclusive feature.

Other than that, the Fitbit Charge 5 is more of the same. It comes with sensors for blood oxygenation (SpO2), and skin temperature in addition to heart rate and built-in GPS. It also has 7-day battery life and enough memory to store 7 days of motion data.

Fitbit Premium Gets Calm-er

Fitbit’s announcement of the Charge 5’s availability comes together with announcements for new Premium features. Fitbit’s premium tier, which costs MYR38.90 a month or 329.90 a year, will now feature content from Calm. Content from the meditation, relaxation and sleep app will now be available from within the Fitbit app. Premium users will have access to 30 curated pieces of sleep and stress-reducing Calm content.

Fitbit Charge 5
Source: Fitbit

In addition to this, Fitbit Premium will also be enable snore tracking. The new feature will use the built-in mics in the Versa 3, and Sense to detect snores. The new tracking adds a new dimension to sleep tracking. We’ve actually covered it indepth in our coverage of the feature’s announcement.

Pricing & Availability

The Fitbit Charge 5 is now available in Malaysia for MYR878 from fitbit.com and their retail partners. It is also available globally for USD$179.

News, Social Media

Instagram Kids On Ice After Severe Backlash

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Instagram has come under fire after a recently published report by The Wall Street Journal hinted that the company maybe ignoring internal research. The research suggests that the social media platform could actually have a negative impact on teenage girls. According to the report, the company has been well aware of the damning effect that Instagram has on their users. However, the company and its representatives have actively downplayed them. Adam Mosseri, Head of Instagram, has publicly lauded the research and called for the platform to embrace its wider responsibility.

alexander shatov 71Qk8ODIBko unsplash
Photo by Alexander Shatov on Unsplash

That said, it looks like that isn’t enough. Just today, Mosseri posted a public announcement regarding the status of Instagram Kids. The new platform, which has been in development for a while now, but was brought to light only earlier in March. With his post, Adam Mosseri announced that development for the platform has been put on ice. That said, he still stood by the decision to develop Instagram Kids.

Adam Mosseri Head of Instagram 1
Source: Instagram (@humansoftukulti)

“I still strongly believe that it is the right thing to do. It has to be better to give parents the option to give their tweens a version of Instagram that was designed with them in mind. That was designed to be safe for those between 10 and 12. One where there are no ads; where there are parental controls; where there is age appropriate content; where they can supervise and shape the experience in meaningful ways…”

Adam Mosseri, Head of Instagram

The company is taking the pause in development to better communicate and discuss the platform with stakeholders. Adam Mosseri highlighted that they will use the time to speak to experts, parents and researchers in an effort to better gear Instagram Kids to protect children. In fact, he mentions that some of the features and enhancements that were being developed for kids may find their way to the Instagram app to better allow parents to curate their teenager’s Instagram experience. The company has also issued an official statement addressing the issue.

That said, since their announcement, Facebook has come under fire from U.S. lawmakers. These lawmakers are calling for them to drop the matter entirely. In their statement, they are asseting that “Facebook has completely forfeited the benefit of the doubt when it comes to protecting young people online and it must completely abandon this project.”

That said, the company’s woes with Instagram Kids is only the latest in Facebook’s encounters with leglislation. Facebook has recently come under fire for data privacy issues and even anticompetitive behaviours as world governments struggle to leglislate Big Tech.

PR Newswire

Disruptive Streaming Service, Vabble, Listed on Mandala Exchange, Powered by Binance Cloud

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THE SEYCHELLES, Sept. 28, 2021 — Mandala Exchange, powered by Binance Cloud, is thrilled to announce Vabble as its first premiere listing. VAB will be the first project listed on Mandala Exchange outside of the Binance ecosystem. VAB will be listed alongside 1,000+ trading pairs available on Mandala that share liquidity, order books, and security with Binance. Vabble plans to merge the best aspects of in-theater experience for movie goers with a state of the art production launchpad for scriptwriters, producers and filmmakers to fund and produce content on a global scale.

"Filmmakers want to write, direct, and produce the content that they desire but are held back by traditional financing models. Vabble has created a disruptive, game-changing approach to traditional project financing. Vabble will democratize film financing to the tune of multimillions, eventually billions, by leveraging cryptocurrency liquidity and creating an entirely new creative marketplace where emerging and established filmmakers can thrive!" – John C. Hall Former EVP, Universal Pictures & Partner, Cardinal Trio Pictures.

What is Vabble?

The Vabble platform is a media consumption experience unlike anything available today with exclusive content for users; providing subscribers with a unique collection of films, documentaries, and series to choose from. Users can create invite-only co-watching experiences to replicate the magic of the theater without leaving home. The result is a unique shared viewing experience that connects fans of the same content on a global scale.

Our economy is designed to give directors and writers control over their work and the opportunity to generate revenue directly from it. This includes direct P2P payments between the users and content owners, built-in NFT marketplaces that studios can use to auction off promotional materials related to their work, and even live AMAs with stars of released films, intimately connecting them with their audiences.

Finally, governance! Vabble Production Launchpad, a go-to funding source to help writers and directors get their works off the ground, enables the global community to invest in one of the largest sectors in the world, film. All while providing a de-capitalization of the outdated film and streaming industry. Vabble aims to redefine the standard SVOD revenue sharing model with their VAB economy.

https://www.vabble.com/

What is Mandala Exchange?

Mandala is the first privately owned exchange powered by the Binance Cloud platform. Mandala aims to be the most trusted digital asset exchange on the market. This allows their users to trade cryptocurrency with confidence on an industry-leading exchange platform with access to the largest liquidity pool in the world and fees as low at 0.05%. Mandala currently has over 1,000+ active trading pairs with full Binance liquidity and security, making Mandala one of the largest exchanges on the market today.

https://www.mandala.exchange/

Media contact: pr@mandala.exchange

Related Links :

http://mandala.exchange

Computers, Gaming, Lifestyle, News

HONOR Unveils MagicBook V 14 and MagicBook 16 Series with Windows 11

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The last we heard from HONOR, they launched the HONOR 50, their first Android smartphone since they went independent. Because they are no longer associated with HUAWEI the HONOR 50 flagship will ship with Google Play Store on its Android based Magic UI. Of course, they are not going to just stop at making smartphones. They are picking up where they left off when they were still with HUAWEI.

They have a line of notebooks that were affordable and quite desirable. They called them the MagicBook, obviously a reference to their Magic UI for smartphones. Except, the MagicBook devices are not running Android or MagicUI. Instead, the MagicBook series ran Windows 10, and they were quite popular, to say the least.

The last MagicBook is getting dated though carrying an AMD 4000 series processor. If they want to compete, they need to keep their MagicBook updated with the next best thing. They kicked off in a big way though with some of the world’s first Windows 11 notebooks.

HONOR MagicBook V 14

HONOR MagicBook 16 02 1
Source: HONOR

The MagicBook V 14 then is the latest HONOR notebook PC to grace the market and one of the first Microsoft Windows 11 notebooks in the market, and it seems promising. Instead of AMD, the flagship MagicBook V 14 runs Intel’s latest 11th Generation Core i7-11390H (up to) processor. It is an Intel EVO certified platform too, which means you are promised fast boot and long battery life while having enough power to game and edit videos. Of course, your processor is paired with an NVIDIA GeForce MX450 discreet GPU for maximum impact in the video and games department.

The 14.2-inch touch sensitive display boasts 2,520 by 1,680 pixels that covers about 90% of the body. With up to 16GB of RAM and 512GB of storage, the MagicBook V 14 is a powerhouse on diet. The 14.5mm thin package weighs in only at 1.48kg. As mentioned, the MagicBook V 14 will come with Microsoft’s latest Windows 11.

HONOR MagicBook 16/16 Pro

HONOR MagicBook 16 01
Source: HONOR

The HONOR MagicBook V 14 is a lightweight powerhouse flagship meant to be ultra-portable and ultra-productive for the road-warrior. The HONOR MagicBook 16/16 Pro is a gaming powerhouse for the modern gamer.

With AMD’s latest Ryzen 5000 series processors, the HONOR MagicBook 16 series sets itself up to be one heck of a gaming notebook. With that in mind, HONOR fits the new notebook with an NVIDIA GeForce RTX 3050 (up to) and up to 16GB of RAM. With a speedy 512GB of SSD storage, the HONOR MagicBook 16 series will feel like magic running through Windows 11. If course, all that power can also be put to good use in video editing scenarios.

Price and Availability

The HONOR MagicBook V 14 is now available for pre-order in China at a starting price of CN¥ 6,199 (MYR 4,020*). It will be available in Blue Hour, Space Gray, and Mystic Silver colour options. The MagicBook 16 and 16 Pro is also now available for pre-order in China for CN¥ 6,499 (MYR 4,215*) onward. There are no colour options for this one though. There are no confirmed dates on when the new HONOR notebooks will make its step into other markets at this time too. We are keeping a close watch though.

*Approximately based on exchange rate of CN¥ 1 = MYR 6.49 on xe.com as of 28/09/2021

PR Newswire

PicPay of Brazil Chooses ActionIQ to Enhance Customer Experience and Support Massive Growth

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NEW YORK, Sept. 27, 2021 — ActionIQ, the leading Enterprise Customer Data Platform (CDP),  today announced that PicPay, Brazil’s largest payments application, has selected ActionIQ to deliver superior customer experience to its rapidly growing customer base.

"As PicPay continues its enormous growth trajectory, it’s critical for us to enhance customer experience and strengthen customer loyalty," said Gui Telles, Chief Marketing Officer (CMO) and Chief Strategy Officer (CSO) at PicPay.  "We selected ActionIQ for its ability to integrate easily, make it possible for us to understand our customers better and to make personalized product offers along the customer journey." 

With ActionIQ, PicPay will have 360-degree visibility into each customer and will be able to orchestrate personalized omnichannel customer journeys at scale, thus preventing customer churn, strengthening loyalty and driving revenue.

"2020 was a year of explosive growth for PicPay in terms of customer base and revenue," said Tamara Gruzbarg, Head of Customer Insights & Strategy at ActionIQ.  "As this growth continues, we’re excited to be working with PicPay to support its digital transformation and to orchestrate offers across all product lines to support omnichannel customer journeys."

Based in Sao Paulo and Espirito Santo, Brazil, PicPay is a financial services platform that includes a digital wallet app that enables users to send and receive money, pay bills, store loyalty cards and more.  As the Brazilian payments application with the largest number of registered users — 55 million — PicPay seeks to offer products and services for every moment of its customers’ daily lives, combining the benefits of five fronts in a single platform: social, digital, market portfolio financial, PicPay Store and advertisements.

About ActionIQ
ActionIQ is at the center of a data-driven revolution that is changing the way brands think about customer experience, digital transformation and the value of customer data as a core corporate asset. We concentrate on solving enterprise data challenges so that teams are empowered to create authentic customer experiences across all brand touchpoints. ActionIQ helps G2000 companies by connecting their first-party customer data, providing an easy-to-use interface for business users to access customer insights and enabling customer experience orchestration across channels. To learn more, visit ActionIQ.com.

Media Contacts
Laura Goldberg
LBG Public Relations for ActionIQ
laura@lbgpr.com
+1-347-683-1859

Logo – https://mma.prnasia.com/media2/1276383/ACTIONIQ_Logo.jpg?p=medium600  

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PR Newswire

Timetable for the automatic redemption procedure in Electrolux

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STOCKHOLM, Sept. 27, 2021 — The Extraordinary General Meeting held on August 27, 2021 resolved to distribute a total of SEK 4,886 m (corresponding to SEK 17.00 per share) to the shareholders of Electrolux, through an automatic redemption procedure including a 2:1 share split, a reduction of the share capital by redemption of shares, and an increase of the share capital by way of a bonus issue.

The following dates apply to the automatic redemption procedure:

Date (2021)

Activity

October 1

Last day of trading in the Electrolux share including right to receive redemption share.

October 4

First day of trading in the Electrolux share following share split, excluding right to receive redemption share.

October 5

Record date for share split and for receipt of redemption shares.

October 6

First day of trading in redemption shares.

October 21
(adjusted date)

Last day of trading in redemption shares.

October 25

Record date for redemption.

October 28

Payment of redemption amount.

Electrolux has applied for a listing of the redemption shares at Nasdaq Stockholm. In connection herewith, Electrolux has adjusted the last day of trading in the redemption shares at Nasdaq Stockholm to October 21, 2021 (previously estimated to October 22, 2021). All other dates in the timetable remain unchanged.

An information brochure containing the updated timetable and further information about the redemption procedure is available at 

www.electroluxgroup.com/egm2021

For further information, please contact:

Sophie Arnius, Head of Investor Relations, +46 70 590 80 72

Electrolux Press Hotline, +46 8 657 65 07

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/electrolux/r/timetable-for-the-automatic-redemption-procedure-in-electrolux,c3421323

The following files are available for download:

https://mb.cision.com/Main/1853/3421323/1472930.pdf

Press Release Electrolux Share Redemption_English
PR Newswire

New Oriental Announces Filing of Annual Report on Form 20-F for Fiscal Year 2021

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BEIJING, Sept. 26, 2021 /PRNewswire-Asia/ New Oriental Education & Technology Group Inc. ("New Oriental" or the "Company") (NYSE: EDU and SEHK: 9901), the largest provider of private educational services in China, today announced that it filed its annual report on Form 20-F for the fiscal year ended May 31, 2021 with the Securities and Exchange Commission ("SEC") on September 24, 2021, U.S. Eastern Time. The annual report can be accessed on New Oriental’s investor relations website at http://investor.neworiental.org as well as the SEC’s website at http://www.sec.gov. New Oriental will provide a hard copy of the annual report containing its audited consolidated financial statements, free of charge, to its shareholders and ADS holders upon request.

The Company has also today published its annual report for Hong Kong purposes pursuant to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited ("HKEX"), which can be accessed on the Company’s investor relations website at http://investor.neworiental.org as well as the HKEX’s website at http://www.hkexnews.hk.

About New Oriental

New Oriental is the largest provider of private educational services in China offering a wide range of educational programs, services and products to a varied student population throughout China. New Oriental’s program, service and product offerings consist of K-12 after-school tutoring, test preparation, language training for adults, pre-school education, primary and secondary school education, education materials and distribution, online education, and other services. New Oriental is listed on NYSE (NYSE: EDU) and SEHK (9901.SEHK), respectively. New Oriental’s ADSs, each of which represents one common share. The Hong Kong-listed shares are fully fungible with the ADSs listed on NYSE.

For more information about New Oriental, please visit http://www.neworiental.org/english/.

Contacts

For investor and media inquiries, please contact:

Ms. Rita Fong
FTI Consulting
Tel: +852 3768 4548
Email: rita.fong@fticonsulting.com

Ms. Sisi Zhao
New Oriental Education and Technology Group Inc. 
Tel: +86-10-6260-5568 
Email: zhaosisi@xdf.cn

Related Links :

http://english.neworiental.org

PR Newswire

CGTN: Tech, politics and ambition: How Huawei’s Meng Wanzhou stepped into a perfect storm between China and U.S.

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Meng Wanzhou’s release reveals Washington’s attempt to prevent its stiff competition with Beijing from veering into a conflict, but it’s far from being a reversal in bilateral tensions.

BEIJING, Sept. 26, 2021 — "I’m finally back home," Huawei’s chief financial officer Meng Wanzhou said when landing at the Shenzhen airport Saturday evening.

 

After nearly three years of being held under house arrest in Canada, Meng and her legal team reached a deal with the U.S. Justice Department on Friday which allowed her to return to China. The moment marked the end of a prolonged legal and political saga which took place amid rising tensions between Beijing and Washington.

Shortly after the deal was reached, Meng boarded a charter Air China flight headed to the southern Chinese city of Shenzhen where Huawei is based.

Meng, 49, has not pleaded guilty to fraud charges. Under the agreement, she will not be prosecuted further in the U.S. and the extradition proceedings in Canada will be terminated, according to a statement released by William Taylor III, one of the lawyers representing Meng.

"Facts have already proven that this is a political persecution against a Chinese citizen and its aim is to suppress Chinese high-tech companies," said China’s Foreign Ministry spokesperson Hua Chunying on Saturday.

What happened three years ago?

On December 1, 2018, Canadian authorities arrested Meng at the request of the U.S. government which accused her of wire fraud and sought her extradition. The incident took place as the Trump administration adopted an aggressive approach in dealing with China on a variety of issues including trade and technology.

Four months before Meng’s arrest, the U.S. government fired the opening salvo against Chinese high-tech companies by issuing a ban on the federal government use of products by Huawei and ZTE – two leading Chinese providers of telecom equipment, citing security concerns. The following year, Huawei was added to the U.S. Commerce Department’s Entity List, which effectively banned American companies from doing business with the Chinese tech giant.

Why now?

Over the past three years, Meng’s detention has been a thorny issue between Beijing and Washington. Tensions that were unfathomable years ago have taken an incendiary crescendo.

There are two factors that facilitated her release, according to Guo Changlin, a former senior diplomat at the Chinese Embassy in the U.S.

"U.S. President Joe Biden is looking to meet with his Chinese counterpart Xi Jinping at the upcoming G20 summit in person. [Also] Justin Trudeau has just been re-elected as Canadian prime minister [by a narrow margin] and is eager to fling off Meng’s case, which after all has been a protracted bone of contention between China and Canada," Guo told CGTN during a phone interview.

Despite Washington’s hardline China policy, Biden himself developed a close relationship with Xi when the two were vice presidents. Biden has been to China four times and the two met 11 times in person, noted Li Cheng, director of the John L. Thornton China Center at the Brookings Institution.

"My point was that when I came back from meeting with him [Xi] and traveling 17,000 miles with him … – that’s how I got to know him so well," Biden remarked during a February town hall meeting.

"They have a personal friendship but how far Biden could go in light of nationwide anti-China sentiments remains to be seen," said Guo.

Li believes that Biden has to flex his muscles since the U.S. voter base is increasingly embracing the anti-China messaging. "He’s not that confrontational himself," he added.

What does Meng’s release mean to China-U.S. ties?

The release shows Washington’s attempt to prevent the stiff competition from spiraling out of control, but it falls short of being a reversal in bilateral tensions, according to Guo. The charges against Huawei remain in place, and the tech giant is still on the U.S. blacklist.

The tech war is brewing. The U.S. pioneered the third industrial revolution and it’s been at the very top of the pyramid over the decades. However, on the threshold of the 21st century, China and the U.S. have become fierce contenders in the fourth industrial revolution, which is dominated by chips and algorithms.

The White House listed China as "the only competitor potentially capable of combining its economic, diplomatic, military, and technological power" in its Interim National Security Strategic Guidance.

"The end of the engagement era could date back to 2010 when China became the world’s second largest economy," said Guo. When China’s GDP exceeded 60 percent of that of the U.S. in 2014, hostility further grew, with containment policies ranging from trade to human rights over the years.

Washington’s attempt to contain Beijing in the high-tech realm predates Donald Trump’s trade war and continues to this day. A hi-tech decoupling looks inevitable.

To view the original article, click HERE.

（https://news.cgtn.com/news/2021-09-25/How-Meng-Wanzhou-stepped-into-a-perfect-storm-between-China-and-U-S–13QK0CBqAYE/index.html ）

Related Links :

http://www.cgtn.com

PR Newswire

CCTV+: Xi calls for global sci-tech innovation cooperation at opening of 2021 Zhongguancun (ZGC) Forum

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BEIJING, Sept. 26, 2021 — Chinese President Xi Jinping called for global cooperation in scientific and technological innovation at the Zhongguancun Forum in Beijing on Friday.

 

Addressing the forum’s opening ceremony via video link, Xi said countries in the world should ramp up sci-tech opening-up and cooperation, and explore approaches and means to tackle pivotal global issues through concerted efforts in sci-tech innovation.

"It is more imperative than ever for all countries to ramp up sci-tech opening-up and cooperation, and explore approaches and means to tackle pivotal global issues through concerted efforts in sci-tech innovation. All countries should stand in solidarity to confront the common challenges of the times and jointly push forward the lofty cause of human peace and development," he said.

"China attaches great importance to sci-tech innovation and has been committed to global cooperation in this regard. Looking ahead, we will strengthen international sci-tech exchanges with a more open attitude, actively engage in the global innovation network, and join hands with other countries to promote basic research. We will promote the commercialization of research results, cultivate new impetus for economic development, enhance the protection of intellectual property rights, create a first-class innovation ecosystem, and foster the concept of ‘science and technology for good’ so as to serve the ultimate purposes of improving global sci-tech governance and bettering the wellbeing of mankind," said Xi.

"Zhongguancun is China’s first national pilot zone for independent innovation. The Zhongguancun Forum is a national-level platform for international sci-tech exchanges and cooperation. China supports Zhongguancun to start a new round of reforms, accelerate the building of a world-class sci-tech park, and make new contributions to global sci-tech innovation and cooperation. I hope the forum participants will have in-depth exchanges and pool wisdoms to offer insights on how to advance global sci-tech innovation and cooperation and how to build a community of shared future for mankind," said Xi.

This year’s forum is scheduled to be held from Sept 24 to 28. Themed "intelligence, health and carbon neutrality", it aims to demonstrate China’s resolve in promoting development through science and technology, building ecological civilization and enhancing international cooperation in climate change.

Link: https://www.youtube.com/watch?v=ftSujLjG0sc